Barry Dawes of Martin Place Securities reviews the state of the U.S. dollar, the gold market, the banking sector, the copper sector, and crude steel.
o About to complete the next wedge
o Upside resolution would be strong
o New highs in most currencies
Nth Am Gold stocks continue to baseo Still within parabola
o XAU heading for 165
ASX Gold Stocks consolidating ahead of breaking necklineo H&S reversal pattern setup
o Much higher target levels generated
o NST looking for another sharp move
US equitieso S&P 500 looking to break sharply higher
o Could be heading for new highs on short covering
o Housing sector index at 16-month highs
Still housing shortageBanking sector bottoming on uptrend line?Gold seemed surprisingly calm overnight while it consolidates above US$2000.
The US$30 sell-off on Thursday clouded the US$20 recovery on Friday, so the volatility in gold is very positive for this market.
Note gold is now making new highs each week in other currencies.
Technically, gold is ready for another sharp move higher.
The resistance around US$2000 is now supported.
Gold making new highs in Euros.
The short term should see good support here.
Need to keep repeating the big picture here.
7700 is important long term resistanceClear 'Neckline' for Head and Shoulders reversalTarget is around 12,000 as intermediate after passing 9888 previous all time highOver 20,000 longer termNice consolidation pattern hereThe big picture supports a MASSIVE rise in the XGD.
This short term wedge resolved higherShould be ready to rise to test 7700Big break out after thatBig inventory catch up > 4 years.
Banking sector recovering.
Timing is everything.
Heed the markets, not the commentators.
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